Word: exxon
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...Texaco's biggest shareholder, Icahn controls 14.8% of the nation's third largest oil firm (after Exxon and Mobil). Nevertheless, Texaco has blocked his attempts to play a direct role in planning the reorganization. The company's proposal, which Schwartzberg approved last week, must now be accepted by Texaco stockholders. Icahn says he may team up with other investors to acquire a larger stake in the firm, and may also attempt to put his own hand-picked directors on the Texaco board...
Giant corporations today are seldom headed by someone whose name is on the building, since hardly anybody has a moniker like Exxon, Primerica or Unisys. But at Ford, Detroit's fastest moving automaker, the fourth generation of a family dynasty is moving up. Last week the company elevated two young executives to its board of directors: Edsel B. Ford II, 39, and William Clay Ford Jr., 30, both great-grandsons of the founder. Edsel II is general sales manager of the Lincoln-Mercury division, and William Jr. heads Ford's operations in Switzerland...
...bought crude from Saudi Arabia for $28 per bbl., even though the official going rate was $32 per bbl. The IRS appears to be saying that Texaco should have considered the $4-per-bbl. price break to be income and paid taxes on it. The other members of Aramco -- Exxon, Chevron and Mobil -- could also face penalties, but they have not heard from the taxman...
...Allrighty...IBM? EXXON? CITICORP?..." he said, going down his checklist of still available jobs...
Never before have U.S. citizens witnessed so many familiar American landmarks and trademarks passing into foreign hands. Japanese investors last December bought the Exxon headquarters building in Manhattan's Rockefeller Center for $610 million, the highest price ever paid for a Manhattan skyscraper. The British, who burned Washington in 1814, have now built or bought an estimated $1 billion in District of Columbia property, including part ownership of the famed Watergate complex. Esteemed U.S. corporate nameplates are also changing citizenship at a rapid clip. Doubleday books has gone to the West Germans, Brooks Brothers clothiers to the Canadians, Smith + & Wesson...